Russia central bank just named BTC, ETH, and USDT the only…
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Russia central bank just named BTC, ETH, and USDT the only cryptos eligible for retail trading
The Bank of Russia published a draft directive on Aug 11 naming Bitcoin, Ethereum, and Tether's USDT as the only cryptocurrencies eligible for public trading on licensed Russian exchanges, based on market cap, trading volume, and 5+ years of price history that a bar most altcoins (including XRP) can't clear.
But the thing is, retail investors would be capped at roughly $3,600/year, while qualified investors face no limit, and everyone has to pass a risk test first. Despite the headlines, this is still a draft open for public feedback until Aug 24, ahead of a planned September 1 rollout, not a done deal. Russians already hold an estimated $9.2B in crypto on centralized exchanges, so this looks more like legitimizing existing exposure than sparking new demand, which probably explains the muted market reaction so far
#cryptocurrency
The Bank of Russia published a draft directive on Aug 11 naming Bitcoin, Ethereum, and Tether's USDT as the only cryptocurrencies eligible for public trading on licensed Russian exchanges, based on market cap, trading volume, and 5+ years of price history that a bar most altcoins (including XRP) can't clear.
But the thing is, retail investors would be capped at roughly $3,600/year, while qualified investors face no limit, and everyone has to pass a risk test first. Despite the headlines, this is still a draft open for public feedback until Aug 24, ahead of a planned September 1 rollout, not a done deal. Russians already hold an estimated $9.2B in crypto on centralized exchanges, so this looks more like legitimizing existing exposure than sparking new demand, which probably explains the muted market reaction so far
#cryptocurrency
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